Economy
Petrol Pricing: CNPP Accuses NNPC of Economic Sabotage
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) has again hit hard at the Nigerian National Petroleum Company (NNPC) Limited, accusing it of economic sabotage.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the group claimed the state-owned oil agency has continued to hold the nation to ransom over its interference in the distribution of locally refined petroleum products.
CNPP, in the statement made available to Business Post, expressed deep concern about the lingering controversy surrounding the pricing of petrol from the Dangote Refinery and the role of the NNPC in the matter, stressing that the unresolved issue has far-reaching implications for the economy, livelihoods, and democracy in Nigeria and Africa.
The association warned that, “The failure to address this crisis may lead to catastrophic consequences for democracy in Nigeria and Africa, stating that it will continue to stand in solidarity with the Nigerian people as we demand immediate action to avert a looming danger and save our democracy.
It pointed out that the “recent revelation that NNPCL purchased fuel from Dangote Refinery at N898 per litre, contradicting earlier claims of N760 per litre, has sparked outrage. This discrepancy raises questions about transparency, accountability, and the potential for exploitation of the ordinary citizens.”
“We urge the federal government to intervene immediately and ensure that the pricing of petrol from Dangote Refinery is fair, reflective of production costs, and aligned with global standards,” the organisation stated.
The CNPP warned that the high pump price of petrol in Nigeria has a “direct impact on the cost of living, exacerbating hunger and hardship among the masses.”
“With fuel queues a common sight and prices tripling since the subsidy removal in May 2023, citizens are bearing the brunt of the inefficient energy policies of the President Bola Ahmed Tinubu administration.
“The CNPP therefore warns that if this crisis is not addressed within the next seven days, it may lead to a national outcry, threatening democracy in Nigeria and Africa,” it noted.
Speaking on the role of NNPCL and querying if it constitutes economic sabotage or protectionism, the CNPP stated that, “NNPCL’s interference in the distribution of locally refined petroleum products is nothing but national economic sabotage in an effort to conceal information and prevent Dangote Refinery from directly selling its petroleum products to marketers.
“NNPCL constituting itself as a middleman in the distribution of locally refined products undermines the oil refining companies’ potential to provide relief to Nigerians.
“We demand that the Federal Government of Nigeria, through its company, the NNPCL, ceases its meddling and allows Dangote Refinery to operate freely, ensuring competitive pricing and supply.”
Insisting the matter has impacts on democracy and accountability, the CNPP called on “the international community to hold the Federal Government and NNPCL accountable for their actions if this crisis escalates and breeds anarchy that threatens democracy in Nigeria and Africa.
“The concealment of information and lack of transparency in NNPCL’s operations are unacceptable.
For instance, NNPCL is said to be using crude oil for debt repayments either on its behalf or on behalf of the Nigerian federal government.
“But this has remained a secret or a mere speculation. If it is true, did the National Assembly approve such extra-budgetary expenditures? What are the processes and procedures adopted by the NNPCL leading to any agreement on loan repayment with our crude oil? Does the NNPCL under the Petroleum Industry Act own Nigeria’s crude oil to decide to do with it as it wishes? The CNPP strongly demands that the Federal Government categorically answer these questions as Nigerians deserve to know.
“The CNPP equally demands that President Tinubu officially directs that Dangote Refinery and other local refineries, as private businesses, operate without undue interference from the NNPCL,” CNPP stated.
While calling for immediate action, the CNPP said, “We also urge the Federal Government to immediately resolve the pricing controversy surrounding Dangote Refinery, ensure transparent and competitive pricing of petrol, allow Dangote Refinery and other local refineries to sell their products directly to petroleum marketers in Nigeria, address the high cost of living and alleviate hunger and hardship among the masses, and enforce presidential directive on an adequate supply of crude oil for domestic consumptions to Dangote Refinery and other local refineries in naira.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
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